No, paraffin is not a suitable substitute for beeswax. You can try it, but you'll find that the lube will not stay in the grooves, BTDT. You can add some paraffin to a beeswax based lube to harden it, but don't add too much.
Honestly after trying white label lubes I've found it simply isn't worth the mess, smell and fuss of making my own when I can get a flat rate mailer of lube sticks delivered for a very reasonable price that will last me years.
